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20110725
20110725
Search Results 0 to 4 of about 5 (some duplicates have been removed)
you. jon: we still have debt deadlock on capitol hill with the default deadline just eight days away now. congressional leaders are still struggling to hammer out some kind of a deal, one that would raise the limit on our nation's credit card while cutting trillions of dollars in spending. house speaker john boehner may unveil his own bill today. harry reid said it would be a nonstarter. wendell goler is live on the north lawn with more. >> reporter: speaker boehner's plan would take the spending cuts agreed to before talks with vice joe biden broke down and raise the debt ceiling a little less than that. it would satisfy the speakers bottom line which is cutting spending more than the debt ceiling is raids but we'd have to go through this all over again by the end of the year. the speaker said yesterday it would solve the immediate crisis. >> there is going to be a two-stage process. it's not physically possible to do all of this in one step. having said that, chris, i know the president is worried about his next election, but my god shouldn't we be worried about the country? >> rep
markets. let's get a reality check from abc's countdown team. jake tapper at the white house. jon karl on capitol hill. bianna golodryga from the new york stock exchange. looking at the asian and european markets overnight, there seems to be concern but not panic yet, bianna. >> reporter: that's right. wall street seems to be patient with washington. markets opening blower. just about 130 points lower. not the knee jerk reaction that people were fearful of. things are still at an impasse. even though the markets aren't selling off, people are concerned about what's still on the table a credit downgrade. the s&p says the u.s. could lose its aaa ratings in the next three months. that would mean that interest rates go higher. it would be more difficult for people to get a loan out there. and it could be a big burden for this economy, as we're just starting to recover. george? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. that has not happened. it seems, the only thing that everyone seems to be accepting th
? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. the only thing that everyone seems to be accepting that any deal won't include any new tax increase. >> that's the big deal. you have harry reid coming up with a plan for democrats. that he says includes $2.7 trillion in spending cuts over the next ten years and gives the president the debt ceiling increase that takes him all of the way to 2013. republicans are already saying that those -- his plan includes gimmicks and phantom cuts. so the republicans are coming up with their plan, which would include about $1 trillion in cuts now. it would require the president to come back to congress next year to ask for another debt ceiling increase. >> that's the huge sticking point for the white house. the president has made it clear time and time again that he won't sign a short-term increase. he squashed it at the meeting last night. >> republicans leaders have said that as well. they didn't want any short-term solution to this problem. they changed their tune on this. white house said
Search Results 0 to 4 of about 5 (some duplicates have been removed)